SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Sec. 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported) : November 26, 1999
STRUCTURED ASSET SECURITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-68513-03 74-2440850
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
200 Vesey Street
New York, NY 10285
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 526-5594
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibit is being filed with respect to the
Registrant's Structured Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1999-ALS1 (the "Certificates") pursuant to "no-action"
positions taken by the Securities and Exchange Commission with respect to
alternative means of satisfying the Registrant's reporting obligations under the
Securities Exchange Act of 1934, as amended. The Certificates were issued, and
this report and exhibits are being filed, pursuant to the terms of the Trust
Agreement, dated as of February 1, 1999 among Structured Asset Securities
Corporation, as depositor, Aurora Loan Services Inc., as master servicer, and
The Chase Manhattan Bank, as trustee. On November 26, 1999 distributions were
made to the Certificateholders.
Specific information with respect to the distrbutions are filed as
Exhibit 99.1. No other reportable transactions or matters have
occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on November 26, 1999 is filed
as Exhibit 99.1 hereto.
-2-
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CHASE MANHATTAN BANK,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: December 1, 1999 By: /s/ Kimberly Costa
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
November 26, 1999 5
-4-
Exhibit 99.1
Monthly Certificateholder Statement on November 26, 1999
-5-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
STATEMENT TO CERTIFICATEHOLDERS
November 26, 1999
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- -----------------------------------------------------------------------------------------------------------------------------------
Original Prior Current
Face Principal Realized Deferred Principal
Class Value Balance Principal Interest Total Losses Interest Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A1 152,951,000.00 145,278,047.21 956,839.81 835,348.77 1,792,188.58 0.00 0.00 144,321,207.40
AP1 933,405.00 927,269.47 785.13 0.00 785.13 0.00 0.00 926,484.34
A2 76,965,000.00 66,698,373.80 664,918.00 375,178.35 1,040,096.35 0.00 0.00 66,033,455.80
AP2 784,915.00 751,101.39 11,923.59 0.00 11,923.59 0.00 0.00 739,177.80
A3 33,914,000.00 31,664,613.14 102,470.14 172,836.01 275,306.15 0.00 0.00 31,562,143.00
AP3 844,678.00 747,482.07 2,777.17 0.00 2,777.17 0.00 0.00 744,704.90
B1 8,662,000.00 8,591,759.51 9,097.88 49,402.62 58,500.50 0.00 0.00 8,582,661.63
B2 6,351,000.00 6,299,499.49 6,670.59 36,222.12 42,892.71 0.00 0.00 6,292,828.90
B3 2,741,000.00 2,718,773.12 2,878.93 15,632.95 18,511.88 0.00 0.00 2,715,894.19
B4 1,443,000.00 1,431,298.66 1,515.61 8,229.97 9,745.58 0.00 0.00 1,429,783.05
B5 865,000.00 857,985.67 908.53 4,933.42 5,841.95 0.00 0.00 857,077.14
B6 2,318,513.06 2,299,713.98 2,435.19 13,223.36 15,658.55 0.00 0.00 2,297,278.79
R 100.00 100.00 0.00 0.58 0.58 0.00 0.00 100.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 288,773,611.06 268,266,017.51 1,763,220.57 1,511,008.15 3,274,228.72 0.00 0.00 266,502,796.94
- -----------------------------------------------------------------------------------------------------------------------------------
AX2 76,965,000.00 66,698,373.80 0.00 8,337.30 8,337.30 0.00 0.00 66,033,455.80
AX3 33,914,000.00 31,664,613.14 0.00 9,235.51 9,235.51 0.00 0.00 31,562,143.00
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 of Original Face Pass-through Rates
- -------------------------------------------------------------------------------------------- ---------------------------------
Prior Current Current
Principal Principal Class Pass-thru
Class cusip Factor Principal Interest Total Factor Rate
- ----------------------------------------------------------------------------------------------------------------------------------
A1 863572zj5 949.83391550 6.25585848 5.46154500 11.71740348 943.57805702 A1 6.900000%
AP1 863572zk2 993.42672259 0.84114613 0.00000000 0.84114613 992.58557646 AP1 0.000000%
A2 863572zl0 866.60655883 8.63922562 4.87466186 13.51388748 857.96733320 A2 6.750000%
AP2 863572zm8 956.92067294 15.19093150 0.00000000 15.19093150 941.72974144 AP2 0.000000%
A3 863572zt3 933.67379666 3.02147019 5.09630271 8.11777290 930.65232647 A3 6.550000%
AP3 863572zu0 884.93138214 3.28784460 0.00000000 3.28784460 881.64353754 AP3 0.000000%
B1 863572zp1 991.89096167 1.05032094 5.70337335 6.75369430 990.84064073 B1 6.900000%
B2 863572zq9 991.89096048 1.05032121 5.70337270 6.75369391 990.84063927 B2 6.900000%
B3 863572zr7 991.89095950 1.05032105 5.70337468 6.75369573 990.84063845 B3 6.900000%
B4 863572zw6 991.89096327 1.05031878 5.70337491 6.75369369 990.84064449 B4 6.900000%
B5 863572zx4 991.89094798 1.05032370 5.70337572 6.75369942 990.84062428 B5 6.900000%
B6 863572zy2 991.89175152 1.05032404 5.70337956 6.75370360 990.84142748 B6 6.900000%
R 863572zs5 1,000.00000000 0.00000000 5.80000000 5.80000000 1,000.00000000 R 6.900000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 928.98383798 6.10589231 5.23250080 11.33839310 922.87794567
- ----------------------------------------------------------------------------------------------------------------------------------
AX2 863572zn6 866.60655883 0.00000000 0.10832586 0.10832586 857.96733320 AX2 0.150000%
AX3 863572zv8 933.67379666 0.00000000 0.27232146 0.27232146 930.65232647 AX3 0.350000%
- ----------------------------------------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager listed below.
---------------------------------------
Karen Dobres
THE CHASE MANHATTAN BANK - Structured Finance Services
450 WEST 33RD STREET, 14th Floor
NEW YORK, NEW YORK 10001
(212) 946-3232
email: [email protected]
---------------------------------------
-6-
<PAGE>
STRUCTURED ASSET SECURITIES CORP. MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
November 26, 1999
Sec. 4.03(i) Unscheduled Principal Amounts 1,477,381.14
Group 1 Unscheduled Principal 847,883.45
Group 2 Unscheduled Principal 618,544.09
Group 3 Unscheduled Principal 10,953.60
Sec. 4.03(iv) Aggregate Advances 1,585,759.53
Group 1 Advances 877,333.94
Group 2 Advances 456,492.68
Group 3 Advances 251,932.91
Sec. 4.03(v) Ending Principal Balance 266,502,796.93
Group 1 Principal Balance 158,091,392.27
Group 2 Principal Balance 73,256,523.46
Group 3 Principal Balance 35,154,881.20
Sec. 4.03(vii) Current Period Realized Losses 0.00
Group 1 Current Period Realized Losses 0.00
Group 2 Current Period Realized Losses 0.00
Group 3 Current Period Realized Losses 0.00
Bankruptcy Losses 0.00
Fraud Losses 0.00
Special Hazard Losses 0.00
Bankruptcy Loss Amount 100,000.00
Fraud Loss Amount 5,775,472.00
Special Hazard Loss Amount 5,687,914.84
Servicing Fees (includes Retained Interest) 102,443.57
Sub-Servicing Fees 67,066.50
Trustee Fees 1,788.44
Sec. 4.03(ix) Number and Aggregate Principal Amounts of Mortgage Loans in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 9 1,882,090.61 1.19%
2 Months 0 0.00 0.00%
3+Months 0 0.00 0.00%
Total 9 1,882,090.61 1.19%
Group 2
Category Number Principal Balance Percentage
1 Month 4 545,049.40 0.74%
2 Months 2 845,914.73 1.15%
3+Months 0 0.00 0.00%
Total 6 1,390,964.13 1.89%
Group 3
Category Number Principal Balance Percentage
1 Month 0 0.00 0.00%
2 Months 0 0.00 0.00%
3+Months 1 293,248.58 0.83%
Total 1 293,248.58 0.83%
Group Totals
Category Number Principal Balance Percentage
1 Month 13 2,427,140.01 0.91%
2 Months 2 845,914.73 0.32%
3+ Months 1 293,248.58 0.11%
Total 16 3,566,303.32 1.34%
Number and Aggregate Principal Amounts of Mortgage Loans in Foreclosure
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group 3
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
-7-
<PAGE>
STRUCTURED ASSET SECURITIES CORP.MORTGAGE PASS-THROUGH CERTIFICATES 1999-ALS1
November 26, 1999
Sec. 4.03(x) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Group 3
Number Principal Balance Percentage
0 0.00 0.00%
Group Totals
Number Principal Balance Percentage
0 0.00 0.00%
Sec.4.03(viii) Aggregate Outstanding Interest Shortfalls
Class a1 shortfall 0.00
Class a2 shortfall 0.00
Class ax2 shortfall 0.00
Class a3 shortfall 0.00
Class ax3 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
Sec.4.03(viv) Aggregate Outstanding Prepayment Interest Shortfalls
Class a1 shortfall 0.00
Class a2 shortfall 0.00
Class ax2 shortfall 0.00
Class a3 shortfall 0.00
Class ax3 shortfall 0.00
Class b1 shortfall 0.00
Class b2 shortfall 0.00
Class b3 shortfall 0.00
Class b4 shortfall 0.00
Class b5 shortfall 0.00
Class b6 shortfall 0.00
Class r shortfall 0.00
-8-
</TABLE>
